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The purpose of the American Jobs Act is simple: to put more people back to work and more money in the pockets of those who are working. It will create more jobs for construction workers, more jobs for teachers, more jobs for veterans, and more jobs for long-term unemployed. (Applause.) It will provide — it will provide a tax break for companies who hire new workers, and it will cut payroll taxes in half for every working American and every small business. (Applause.) It will provide a jolt to an economy that has stalled, and give companies confidence that if they invest and if they hire, there will be customers for their products and services. You should pass this jobs plan right away. (Applause.)
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The agreement we passed in July will cut government spending by about $1 trillion over the next 10 years. It also charges this Congress to come up with an additional $1.5 trillion in savings by Christmas. Tonight, I am asking you to increase that amount so that it covers the full cost of the American Jobs Act. And a week from Monday, I’ll be releasing a more ambitious deficit plan — a plan that will not only cover the cost of this jobs bill, but stabilize our debt in the long run.
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But know this: The next election is 14 months away. And the people who sent us here — the people who hired us to work for them — they don’t have the luxury of waiting 14 months. (Applause.) Some of them are living week to week, paycheck to paycheck, even day to day. They need help, and they need it now.
I don’t pretend that this plan will solve all our problems. It should not be, nor will it be, the last plan of action we propose. What’s guided us from the start of this crisis hasn’t been the search for a silver bullet. It’s been a commitment to stay at it — to be persistent — to keep trying every new idea that works, and listen to every good proposal, no matter which party comes up with it.
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Did you think that in the time that the nation waited this should have been a complete proposal?
The 1T$ over 10 years is a phantom cut.
I’d prefer a presentation that said:
“Let’s take 1% from these departments that equates to X dollars; from that let’s spend A dollars on this, B dollars on this, and C dollar on this.”
Imagine what a difference of attitude?
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